Evoke (LSE:EVOK) delivered a second straight year of adjusted profit growth in 2025, with revenue increasing 2% to £1.78 billion and adjusted EBITDA climbing 14% to £356.2 million. The improvement was driven by stronger online gaming performance, more disciplined marketing spend, and cost efficiencies, even as online and retail revenues in the UK and Ireland edged slightly lower.
However, the group recorded £440.3 million in non-cash impairments linked to higher UK gambling duties and ongoing weakness in high street operations, resulting in a statutory loss of £549.1 million. As part of its restructuring efforts, the company plans to shut around 270 betting shops across the UK while continuing deleveraging initiatives and a strategic review. This review includes ongoing takeover discussions with Bally’s Intralot S.A. at an առաջարկed price of 50p per share, amid a challenging regulatory and competitive environment.
Early 2026 trading steady as regional trends diverge
The company said trading in the first quarter of 2026 is in line with expectations. Growth in UK online operations — led by William Hill — alongside continued strength in Italy and Denmark, helped offset weaker performance in Spain, Romania, and other markets.
Management remains focused on driving profitable growth, improving cash generation, and strengthening the balance sheet. Formal guidance has been withdrawn while the strategic review remains ongoing. The company also noted that higher UK gambling duties are expected to keep leverage elevated for longer, although it aims to offset at least 50% of the tax impact through cost controls and operational adjustments.
Financial pressures and technical signals weigh on outlook
While revenue trends remain positive, Evoke continues to face challenges around profitability and financial stability due to regulatory headwinds and restructuring costs. Technical indicators point to a bearish trend, and valuation metrics remain under pressure given ongoing losses.
More about Evoke plc
Evoke plc is a London-listed betting and gaming operator with brands including William Hill, 888, and Mr Green. The company runs online and retail sportsbooks and casino platforms across the UK, Europe, and selected international markets, with a growing emphasis on gaming-led revenues and in-house, data-driven technology to enhance efficiency and customer engagement.
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